The approach to the construction of this indicator was entirely dictated by practice.
You can define whatever period you want to observe. Let us say from 01/01/2023 to 01/02/2023.
You set the period in the indicator and it automatically shows you the following volume information for the period you are in:
- Period from/to Number of bullish candles / bullish volume in these candles
- Number of bearish candles / bearish volume in these candles
- Total volume
- Average volume
- Lowest volume
- Biggest volume
- Current volume
- Last candle volume
- Percentage ratio of bullish candles to bearish candles or vice versa / Percentage ratio Ratio of bullish to bearish volume or vice versa. (For all above show/hide options available)
You can choose which timeframe will be your volume source – current or 1/5/15/30/1/4/D/Wk/Mn. The results will be visible on every timeframe and will not vary. There is an option to see how the volume is flowing in real time. Select today’s 0:00 as the start and tomorrow’s 0:00 as the end. You will then be able to see the actual process of volume inflow during different parts of the day in real time and the most important who prevail now,
Volume is updated automatically.
Normally, before the European session, the volume should be small, but if it is large, it is a sign that something has happened. When London opens you will see bullish or bearish volume increasing, the same applies to the US and Asian sessions.
You can track volumes for specific periods, such as the FOMC or news that has a strong on the direction of the market. You simply set the indicator to start at that time period and to end at any time you wish.
Note the following:
A day has 1440 candles on a 1min timeframe and only 1 candle per day. The information you get on a 1 minute timeframe is much more detailed. The indicator automatically calculates the set period on each timeframe,
but the results will differ because the candles are different in number and the volume in them is also distributed differently.
The coefficients option offers several possibilities that can be interpreted logically:
- With more bullish volume and more bullish candles, we have a bullish movement, which suggests that we should have more volume in the bullish candles. But when the volume coef.< the candle coef. then we have a declining bullish movement because the volume is not increasing with the force with which the candles are increasing their number.
- With more bullish volume and more bullish candlesticks and when the coefficient of volume > the coefficient of candles, thenwe have a purely bullish movement, because the bullish volume is increasing faster than the number of bullish candlesticks.
Similarly, the opposite is true when we have more bearish candles and more bearish volume.
There are also times when bullish volume > bearish volume, but bullish candlesticks < bearish candlesticks or vice versa. Then we have a situation that we can analyse as UNCLEAR. I leave the interpretation to your own logic. There are options to change the colors and the position of the indicator up or down.
Please contact support@enigmera.com for details. Price USD 30.-
You can download demo or full version here at MQL5.com:
https://www.mql5.com/en/market/product/105874?source=Site+Profile+Seller